Tesla jumps nearly 11%, rebounding from worst day on record

Finance

Elon Musk

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Tesla shares jumped ahead of the close on Wednesday, finishing the session 10.92% higher as the auto maker regained some ground after Tuesday’s 21% loss, which was the stock’s worst day on record.

Shares of Tesla spent the entire session in the green, steadily moving higher during afternoon trading before closing at $366.28, just below the day’s high of $369. Momentum continued after the close, with the stock gaining additional ground in extended trading.

Still, Wednesday’s jump doesn’t offset the steep losses the stock has suffered, and shares are down more than 26% this month. A number of factors have led to the decline, including the company issuing $5 billion in stock earlier this month, as well as Tesla’s largest outside shareholder trimming its position.

Tuesday’s sell-off was sparked by S&P Dow Jones Indices opting not to add Tesla to the S&P 500, despite widespread speculation that Elon Musk’s company would be placed in the large-cap index.

Tesla’s jump came amid a broader rebound in the technology sector. The Nasdaq Composite gained 2.71% on Wednesday for its best day since April 29. Microsoft rallied 4.26%, while Apple and Amazon advanced 3.99% and 3.77%, respectively. 

For the year, Tesla shares are up 337%.

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